Reinsurance News
Re/insurance industry losses from Irma surpass $9.7bn
18th June 2018
According to data from the Florida Office of Insurance Regulation, claims data filed from insurers as of June 12th, 2018, show that the total estimated insurance and reinsurance industry loss from hurricane Irma has increased to more than $9.7 billion. Artemis reported in April that data from the Florida regulator ... Read the full article
Germany’s floods a ‘foretaste’ of future climate losses: Munich Re’s Faust
15th June 2018
The severe flooding that has affected western and southern Germany since mid-May 2018 is a ‘small foretaste’ of the effects of climate change on future weather-related disasters, according to Eberhard Faust, Munich Re’s Head of Research for climate risks and natural hazards. Many regions of the country have endured non-stop thunder, ... Read the full article
Sompo rolls out Transaction Risk insurance across Europe
15th June 2018
Bermudian re/insurers Sompo International Holdings has announced the launch of a new Transaction Risk Insurance line of business through its European Speciality platform, expanding its current Professional Lines insurance offerings in Europe. The program targets parties - both public and private - domiciled or conducting its core business throughout Europe, on ... Read the full article
CCRIF welcomes British Virgin Islands and Montserrat as new members
15th June 2018
The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has announced the additions of the British Virgin Islands and Montserrat to its facility for 2018/19. Both have purchased coverage, effective since June 1, for tropical cyclone and excess rainfall, while the government of the Virgin Islands obtained additional earthquake ... Read the full article
Legal & General completes £325m Heathrow pension scheme buy-in
15th June 2018
Legal & General (L&G) has completed a £325 million buy-in to Heathrow’s BAA Pension Scheme, covering 1,300 of the Schemes’ members. The transaction accompanies the issuing of a £160 million long-dated, index-linked bond directly to L&G by the pension fund’s sponsoring employer, Heathrow Airport Holdings Ltd. L&G worked in partnership with the ... Read the full article
LCCG to acquire Equitable Life’s in run-off business
15th June 2018
Life Company Consolidation Group (LCCG) has signed an agreement with The Equitable Life Assurance Society to transfer the company and all of its business to Reliance Life Limited, a specialist UK run-off manager established by LCCG. The proposed transaction will maximise the capital distribution to members by converting Equitable Life’s ‘with ... Read the full article
Ironshore names James Swan as Head of M&A for the Americas, expands team
15th June 2018
Ironshore has announced the appointment of James R. Swan as Head of Mergers & Acquisitions (M&A) Insurance Americas, in addition to adding several new members to the New York based team. Valentine Han, Scott G. Pegram, Victoria Rosales and Hilary Weiss will all join M&A production specialist Cristina Merry del Val ... Read the full article
Congress considers bill to expand FEMA’s re/insurance cover
15th June 2018
The U.S Congress is considering enacting a new bill that would require the United States Federal Emergency Management Agency (FEMA) to purchase more insurance, reinsurance, and capital market tools for a broader range of disaster-related costs. FEMA already uses a reinsurance program to cover some of the flood insurance risks held ... Read the full article
MAPFRE Insurance Company of New York acquired by Plymouth Rock
15th June 2018
Massachusetts-based Plymouth Rock Assurance Corporation has announced the acquisition of MAPFRE Insurance Company of New York (NY), continuing its expansion into the State's insurance market. The deal involves both personal auto and home insurance business in NY, with certain Plymouth Rock companies also acquiring replacement carrier rights for auto and home ... Read the full article
Philippine regulator outlines new reinsurance policy for liquidated insurers
15th June 2018
The Insurance Commission (IC) of the Philippines has issued guidelines on a new policy that covers the reinsurance of outstanding policies belonging to insurance companies that have been placed under liquidation or rehabilitation. In a circular letter, the regulator said that conservators and receivers of insurance companies under rehabilitation may opt ... Read the full article
Sequoia Reinsurance launches, appoints Dan Bolgar CEO
15th June 2018
Sequoia Reinsurance LLC, a company focused on under-served niches in the reinsurance market, has been launched today with the financial backing of New York-based ELMC Risk Solutions. Sequoia is to be led by newly-appointed Chief Executive Officer (CEO) Dan Bolgar, a 25-year industry veteran who joins from PartnerRe, where he served ... Read the full article
Brit appoints trio of new Non-Exec Directors to its Boards
15th June 2018
London-headquartered insurance group Brit has announced the appointment of Graham Pewter, Pinar Yetgin and Andrea Welsh to its various Boards as Non-Executive Directors (NED). Andrea Welsch joins as NED to the Boards of Brit and Brit Syndicate. She has held a number of re/insurance sector leadership roles in Lloyd’s, North America ... Read the full article
Re/insurer rates under-pressure, increases to dissipate entering 2019: S&P
15th June 2018
A report by S&P Global Ratings indicates Bermudian re/insurers are contending with a build-up of pressure on rates following a challenging 2017 which saw soft reinsurance pricing, heightened competitive environment, record influx of alternative capital and catastrophes totalling $138 billion in insured losses globally. Furthermore, given the supply-demand imbalance and the ... Read the full article
Insurers must innovate to keep pace with automated vehicles, indicates survey
15th June 2018
A survey conducted by J.D. Power Pulse has highlighted the myriad ways in which automated vehicles is set to shape the Property and Casualty (P&C) insurance landscape, and how insurers must adapt to this drastically altered mobility or risk losing ground to InsurTech. While only 22% of the 1,024 U.S. consumers ... Read the full article
Athene responds to notice from California Department of Insurance
15th June 2018
Athene Holding has responded to a regulatory notice from the California Department of Insurance (CDI) that has proposed fines and the temporary closure of its subsidiary, Athene Annuity and Life Company, for allegedly failing to meet California service standards for around 50,000 life insurance policies. The CDI said that, since 2016, ... Read the full article
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